Bally’s

History and Expansion

Bally’s Corporation represents a modern breed of gambling operator that has evolved from a regional slots parlor into a multi-jurisdictional, digitally-focused entertainment powerhouse. The company’s journey began in 2004 when BLB Investors—a joint venture of Starwood Capital Group, Kerzner International, and the Waterford Group—acquired Lincoln Park, a Rhode Island greyhound track and slots parlor. A $220 million expansion transformed the property into Twin River Casino, which opened in 2007. The 2008 recession forced the company into Chapter 11 bankruptcy in 2009; it emerged in 2010 under the ownership of a lender syndicate and renamed itself Twin River Worldwide Holdings in 2011.

Twin River then embarked on a multi-state expansion: it bought the Hard Rock Hotel & Casino Biloxi (Mississippi) in 2014, acquired Rhode Island’s Newport Grand in 2015 (relocating it to Tiverton as a new casino), and added Dover Downs Hotel & Casino in Delaware in 2019. The most transformative step came in 2020: Twin River purchased the "Bally's" brand name and trademarks from Caesars Entertainment for $20 million, rebranding itself as Bally's Corporation in October 2020. This strategic move gave the company instant brand equity in the gaming world. The same year, Bally's acquired Jumer's Casino & Hotel in Illinois and the Tropicana Las Vegas site (which it later sold the land but retained development rights).

Digital Transformation

The digital side of the business accelerated with the 2021 acquisitions of Bet.Works (a sportsbook platform) and Monkey Knife Fight (a daily fantasy sports operator), and the 2022 purchase of GAN Ltd. (a B2B iGaming platform). These assets were folded into Bally's Interactive, the company's digital division. The sports betting and iGaming brand is now marketed as Bally Bet, licensed in 14 jurisdictions. Bally's also holds a majority stake (57.6% as of 2023) in Bally's Intralot S.A., an Athens-listed lottery technology provider active in 39 countries.

Leadership and Financials

Bally's leadership is stacked with industry veterans. Chairman Soo Kim (also founder of Standard General, which owns 74% of Bally's) has driven the company's growth agenda. CEO Robeson Reeves, a software engineering background leader, was promoted from President of Interactive in March 2023, signaling the company's digital-first focus. In March 2025, Bally's appointed Mira Mircheva as EVP and CFO, succeeding Bobby Lavan. George Papanier serves as President of the land-based casino business, overseeing the physical properties.

Financially, Bally's reported $2.4 billion in revenue for 2023 but posted a net loss of $187.5 million, reflecting heavy investment in digital expansion and new developments. The company's largest project is the Chicago integrated resort, for which it secured $2.07 billion in funding in 2025, with an expected opening in September 2026. Bally's also is developing a casino in The Bronx, New York, and has a land lease for the Tropicana site in Las Vegas. The company's balance sheet is leveraged, but it has demonstrated consistent EBITDA growth in its casino operations.

Bally's differentiates itself through its "omni-channel" strategy: customers can earn and redeem loyalty points across online and physical venues. The company also achieved Minority Business Enterprise (MBE) certification from the NMSDC in 2026, a first for a publicly traded gaming company, and plans to offer 25% equity in the Chicago project to minority- and women-owned firms.